The iPhone 5 is priced at $199 for a 16GB version, $299 for a 32GB version and $399 for a 64GB version. Getting phones at those prices from AT&T, Sprint and Verizon require a two-year contract.

Apple’s website now shows the unlocked pricing for the iPhone 5.The site’s compare tool shows that the 16GB model starts at $649, the 32GB at $749, and the 64GB at $849.

If you’re in the mood for an Apple iPhone but don’t mind an older version, Apple has their usually deal for you. They’ve reduced the price of the 16GB iPhone 4S by $100 to $99. The 16GB iPhone 4 is now free. The discounts require a two-year contract with the big three U.S. mobile carriers.

The big Apple event everyone was waiting for took place today. Now we have the iPhone 5 to line up for later this month.

Here is a summary of what the iPhone 5 is all about:

A 4-inch screen with a resolution of 1,136 x 640 or 326 pixels per inch - still a “retina” display, as Apple defines it. The larger screen has a widescreen 16:9 aspect ratio. The iPhone 5 is a little bit longer because of this, but it accommodates six rows of apps on the screen: five rows on the “pages” along with the permanent single row along the bottom.

The case is made of aluminum and measures 7.6mm thick - 18 percent thinner than the iPhone 4S. It's also 20 percent lighter at 112 grams.

The new Retina panel is 1136 x 640, which clocks in at 326ppi. It also provides better color saturation with full sRGB rendering.

The iPhone's A6 processor has been significantly shrunk down in size yet gives more powerful performance. The claim is that it doubles CPU and graphics capabilities. The result is pages loading up 2.1x faster than iPhone 4’s speed.

The smaller processor is also more energy efficient. It should provide 8 hours of talk time even with the LTE. When using Wi-Fi you should get 10 hours of life out of the device.

The camera is about the same as the one in the iPhone 4S, just a little bit slimmer. It's a backlit 8 megapixel sensor with a 5 element lens and an f/2.4 aperture. The shutter speed is supposed to be 40 percent faster. There's also a new panoramic shooting mode.

The iWork suite, Garage Band and iMovie have all been updated.

Older apps will still work, and they’ll be displayed in a letterbox format until Apple provides an update.

Yes, the iPhone 5 has high-speed 4G LTE capability and still has HSPA+, EV-DO and EDGE capability. In the U.S., AT&T, Sprint and Verizon will all support its 4G LTE connectivity. In Canada, Rogers, Telus and Bell will also have 4G.

The launch of the iPhone 5 will undoubtedly put Apple back on top. Over the last quarter, sales of the older iPhone models have dropped significantly - from 35.1 million to 26 million. That’s all going to change now. Some analysts are predicting Apple will sell 10 million units in just the first three weeks.